Well, you're effectively long EURJPY - so you can judge it by that performance. I just took a little load off my own position when it started to look like the Rocketeer coming to the asian session. (doing the pausing thing for re-entry) You can probably tweak your EURJPY approximation by scaling in,out on those two legs.
hi traders...looking for any book recommendations for FX ..obviously I'm new to the currency mkts. Have traded futures in general (for more than 6 yrs). Looking for some book(s) which go into the fundamentals/economics of the currency mkts. Thanks in advance! btw, i'm having a hard time sitting with my short Euro (H05 futures) position...up 25pips then back to 1.3300 in the last 1/2 hr ..this is killing me slowly...I'm tempted to pull the trigger and take the profits and run....
There are some currency-related books at http://www.traderslibrary.com/ (choose 'currencies' category at the top), but I haven't read any of those books. Also see http://www.bizreading.com/bestsell.cfm?categ=2609&qitems_cursor=1 , http://books.ontheweb.com/shop/foreign-exchange_2609.html , http://www.azd.com/list/books/list_2609.html , http://www.8r.com/simple/books/2598_index.html and http://www.trading-books.com/fx-trading-books.html . I just prefer Jay Kaeppel's great book on futures trading mistakes - and how to avoid them - "The four biggest mistakes in futures trading". Otherwise, I've read a lot of commentaries and analysis - which sort of teach you what people tend to focus on. The options games and the stop-running etc. associated with it is probably very important shorter term. The other fundamentals I look at are more straight forward with news and numbers - but always taking conditions into consideration. However, some theory perhaps can be useful for better insight into the pricing of futures and interest differentials etc. A good understanding of how currencies are used for hedging is perhaps the most useful lead. My advice is to look more at currency commentaries and currency news reporting. Take a look at RSS feeds from Yahoo, Moreover.com and other sources - and try some currency newsletters too. I too got a little twitchy with the choppiness after the Tankan report, but am now firmly in after gaining a 6 tick lead for better profits.
hello gringinho, thanks for the info and the links...lot of sources to keep me busy reading over the next few weeks and weekends. I also think I get more relevant info from commentaries and columns when it comes to practical info and to get the pulse of the mkts. Thanks for poining out the Tankan report (as reason for the choppiness)..I knew it was coming but had no idea beyond that. Thanks again for your time.
Put on some weight and adjusted stops lower - a little early, but it sure looks pretty right now. Will put on some automatic profit-takers for parts of this too - just taking the higher leverage for a shorter term stroll. IMF Rajan comments are just a fractional smell in the wind. edit: I'm feeling a little jinxed by the fact that I called the low correctly and then the top at around 50 ticks higher correctly, but the lowered stop already secures a nice profit - and it seems it can keep on truckin' ... a strict range doesn't have the right feel to it right now.
in GBP futures ( USD / CABLE ) wonder if the CME busts some low prints . ( maybe they raised the low on globex to 070 from 026 not sure )
TIC data fails to fill trade deficit with capital inflow at 48.1 bn vs 67.5 bn in september; but actually I think the market was caught quite short EURUSD - while USDJPY did not move much since it already moved on Tankan last night.